Those words from Urban One CEO Alfred Liggins. While the Urban One radio stations were down .7% in Q3, the company outperformed the markets it operates in, according to Miller Kaplan, and that’s a good sign, according to Liggins. Urban One saw net revenue growth in Atlanta, Cleveland, Detroit, Indianapolis, and Richmond, with declines in the Columbus, Dallas, Houston, Raleigh, and Washington DC markets. Houston took a $700,00 hit due to Hurricane Harvey.
Reach Media was down over 13% ($1.7 million) in the quarter due to several key accounts not returning from Q3 of 2016. According to CFO Peter Thompson, these accounts eliminated their multi-cultural budgets and that helped drive down demand for network radio.
Urban One took in $1.5 million from its investment in a Virginia-area Casino in the quarter.
